When you go looking for
residential apartments in Mumbai, you have two options available. One is to
purchase a ready to move-in flats or to go for under-construction flats. There
is always a raging debate about the merits and demerits of each. The truth is
both these forms of properties have advantages and disadvantages and really
depends on your spending capacity and choice which one you choose.
Under construction is a bit of
risky investment because, a lot of times construction can get stalled due the
legal problems with the builders, lack of funds and lot of other things. There
can also be a delay in possession which can lead to delay in loan payments and
so on.
When you purchase ready
possession flats in Mumbai, the biggest advantage you have is that you get what
you see. Under-construction flats can be bit of a surprise when they’re
completed. But there are a few cons to purchasing ready possession flats too.
Here’s exploring both the pros
and cons of purchasing ready possession flats in Mumbai
Pros:
1. Available immediately: When you purchase ready to
move in flats you have the liberty of choosing when and how you want to move
it. You don’t need to wait for it to be ready. There are also no surprises as
to the fittings, the quality of work and construction because you get what you
see.
2. No legal difficulties: Since the flats are ready
and the construction is complete, one can check that all legal requirements
like the occupancy certificate, completion certificate and land titles are all
in order. This also makes it easier to get your loans approved swiftly.
3. Save of tax: You don’t have to pay a service tax
when you purchase Ready Possession
Flats in Mumbai. This is a big save since the amount can go
into lakhs easily.
Cons:
1. Expensive: Ready to move in flats are much more
expensive than under construction flats.
There is also no flexibility in payment plans and you have to pay the
down payment, the registration charges and stamp duty all in one go.
2. Limited scope for modification: You can obviously
renovate your flat after purchase, but when you compare it with
under-construction flats the scope is quite limited.
3. Limited choice: The real
estate market is always booming in Mumbai and so there aren’t always ample
choices for everyone. Property sells like hot cakes here and you need to be
swift in your decision making if you want the flat you like.
